Markets

Sensex rebounds over 700 points to reclaim 58K-level in early trade

People walk past digital screen outside Bombay Stock Exchange.

People walk past digital screen outside Bombay Stock Exchange.

The BSE gauge Sensex shot up more than 700 points to revisit the key 58,000-level in opening deals on Friday, as participants indulged in buying across counters.

The 30-share index zoomed 723.55 points 1.26% to 58,000.49 in initial trade.

Likewise, the NSE Nifty advanced 217.45 points or 1.27% to 17,327.60 in opening trade.

On the Sensex chart, all shares, barring Maruti, were trading with mild to hefty gains.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, offloading ₹6,266.75 crore on Thursday, as per official exchange data.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: "There are three trends in the market which are important from investors' perspective. One, relentless massive selling by FIIs (around ₹33,000 crore so far in January) is emerging as the strongest headwind to the market in the short-run." "Two, there is massive churn happening within the Nifty from tech to banking and to a lesser extent to autos. Three, over-valued growth stocks are getting punished and their valuations are slowly getting to realistic levels," he added.

Elsewhere in Asia, bourses saw a mixed trading pattern, with only China and Japan trading higher in mid-afternoon deals. Other exchanges logged losses.

Meanwhile, international oil benchmark Brent crude eased 0.38% to $89.74 per barrel.


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Printable version | May 23, 2022 7:07:34 pm | https://www.thehindu.com/business/markets/sensex-rebounds-over-700-points-to-reclaim-58k-level-in-early-trade/article38337890.ece